WIPRO LIMITED AND · PDF file1 wipro limited and subsidiaries condensed consolidated interim...

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNDER IFRS

AS OF AND FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2015

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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANC IAL POSITION

(`̀̀̀ in millions, except share and per share data, unless otherwise stated)

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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPRE HENSIVE INCOME


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGE S IN EQUITY

(` in millions, except share and per share data, unless otherwise stated)

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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGE S IN EQUITY


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH F LOWS


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WIPRO LIMITED AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCI AL STATEMENTS


1. The Company overview

Wipro Limited (“Wipro” or the ”Parent Company”), together with its subsidiaries (collectively, “the Company” or the “Group”) is a leading India based provider of IT Services, including Business Process Services (“BPS”) and IT products, globally.

Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore - 560035, Karnataka, India. Wipro has its primary listing with Bombay Stock Exchange and National Stock Exchange in India. The Company's American Depository Shares representing equity shares are also listed on the New York Stock Exchange. These condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on April 21, 2015.

2. Basis of preparation of financial statements

(i) Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with

International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2014. These condensed consolidated interim financial statements do not include all the information required for full annual financial statements prepared in accordance with IFRS.

(ii) Basis of preparation

These condensed consolidated interim financial statements are prepared in accordance with International

Accounting Standard (IAS) 34, “Interim Financial Reporting”. The condensed consolidated interim financial statements correspond to the classification provisions

contained in IAS 1(revised), “Presentation of Financial Statements” . For clarity, various items are aggregated in the statements of income and statements of financial position. These items are disaggregated separately in the Notes, where applicable. The accounting policies have been consistently applied to all periods presented in these condensed consolidated interim financial statements.

All amounts included in the condensed consolidated interim financial statements are reported in millions

of Indian rupees (̀ in millions) except share and per share data, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. (iii) Basis of measurement

The condensed consolidated interim financial statements have been prepared on a historical cost

convention and on an accrual basis, except for the following material items that have been measured at fair value as required by relevant IFRS:

a. Derivative financial instruments; b. Available-for-sale financial assets; and c. The defined benefit asset is recognised as plan assets, less the present value of the defined benefit

obligation.

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(iv) Convenience translation (unaudited) The accompanying condensed consolidated interim financial statements have been prepared and reported

in Indian rupees, the national currency of India. Solely for the convenience of the readers, the condensed consolidated interim financial statements as of and for the year ended March 31, 2015, have been translated into United States dollars at the certified foreign exchange rate of $ 1 = ` 62.31 , as published by Federal Reserve Board of Governors on March 31, 2015. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate.

(v) Use of estimates and judgment

The preparation of the condensed consolidated interim financial statements in conformity with IFRS

requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognized in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the condensed consolidated interim financial statements is included in the following notes:

a) Revenue recognition: The Company uses the percentage of completion method using the input (cost

expended) method to measure progress towards completion in respect of fixed price development contracts. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labour costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, recognized revenue and profit are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable.

b) Goodwill: Goodwill is tested for impairment at least annually and when events occur or changes in

circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value. The recoverable amount of cash generating units is determined based on higher of value-in-use and fair value less cost to sell. The calculation involves use of significant estimates and assumptions which includes revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

c) Income taxes: The major tax jurisdictions for the Company are India and the United States of America.

Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.

d) Deferred taxes: Deferred tax is recorded on temporary differences between the tax bases of assets and

liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers the expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced.

e) Business combination: In accounting for business combinations, judgment is required in identifying

whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired and liabilities assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these judgments, estimates, and assumptions can materially affect the results of operations.

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f) Other estimates: The preparation of financial statements involves estimates and assumptions that affect the

reported amount of assets, liabilities, disclosure of contingent liabilities at the date of financial statements and the reported amount of revenues and expenses for the reporting period. Specifically, the Company estimates the uncollectability of accounts receivable by analyzing historical payment patterns, customer concentrations, customer credit-worthiness and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. Similarly, the Company provides for inventory obsolescence, excess inventory and inventories with carrying values in excess of net realizable value based on assessment of the future demand, market conditions and specific inventory management initiatives. If market conditions and actual demands are less favorable than the Company’s estimates, additional inventory provisions may be required. In all cases inventory is carried at the lower of historical cost and net realizable value. The stock compensation expense is determined based on the Company’s estimate of equity instruments that will eventually vest. Certain of the Company’s financial instruments including derivative financial instruments, available-for-sale investments and financial liabilities are measured at fair value subsequent to initial measurement. A description of estimates and assumptions used for determination of fair values is included in note 14 – Fair value hierarchy.

3. Significant accounting policies

Please refer to the Company’s Annual Report for the year ended March 31, 2014 for a discussion of the Company’s other critical accounting policies.

New Accounting standards adopted by the Company:

IFRIC 21 – Levies

IFRIC 21 is effective for annual periods beginning on or after 1 January 2014 and is applied retrospectively. It is applicable to all levies imposed by governments under legislation, other than outflows that are within the scope of other standards (e.g., IAS 12 Income Taxes) and fines or other penalties for breaches of legislation.

The interpretation clarifies that an entity recognizes a liability when the activity that triggers the payment of levy, as identified by the relevant legislation, occurs. No liability needs to be recorded towards levy that will be triggered by operating in a future period. It also clarifies that a levy liability is accrued progressively only if the activity that triggers payment occurs over a period of time, in accordance with the relevant legislation. For a levy that is triggered upon reaching a minimum threshold, no liability is recognized before the specified minimum threshold is reached. The interpretation requires these same principles to be applied in interim financial statements. This has no impact on the Company.

Amendments to IAS 32 Financial instruments - Offsetting Financial Assets and Financial Liabilities *

Amendments to IFRS 10 - Consolidated Financial Statements, IFRS 12 - Disclosure of Interests in Other Entities and IAS 27 - Separate Financial Statements - Investment Entities *

Amendments to IAS 36 - Impairment of Assets - Recoverable Amount Disclosures for Non-Financial Assets*

Amendments to IAS 39 - Financial Instruments: Recognition and Measurement - Novation of Derivatives and Continuation of Hedge Accounting *

* The adoption of these accounting standards including consequential amendments did not have any material impact on the consolidated financial statements of the Company.

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New accounting standards not yet adopted:

A number of new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after 1 April 2014, and have not been applied in preparing these consolidated financial statements. These are:

IFRS 9, Financial instruments

In July 2014, the IASB completed its project to replace IAS 39, Financial Instruments: Recognition and Measurement by publishing the final version of IFRS 9: Financial Instruments. IFRS 9 introduces a single approach for the classification and measurement of financial assets according to their cash flow characteristics and the business model they are managed in, and provides a new impairment model based on expected credit losses. IFRS 9 also includes new regulations regarding the application of hedge accounting to better reflect an entity’s risk management activities especially with regard to managing non-financial risks. The new standard is effective for annual reporting periods beginning on or after January 1, 2018, while early application is permitted. The application of IFRS 9 may have a material impact on the classification, measurement and presentation of the Company’s financial assets and liabilities. The Company is currently assessing the impact of adopting IFRS 9 on the Company’s Consolidated Financial Statements.

IFRS 15, Revenue from Contracts with Customers.

IFRS 15 supersedes all existing revenue requirements in IFRS (IAS 11 Construction Contracts, IAS 18 Revenue and related interpretations). According to the new standard, revenue is recognized to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also provides a model for the recognition and measurement of disposal of certain non-financial assets including property, equipment and intangible assets. IFRS 15 establishes a five step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligation; changes in contract asset and liability account balances between periods and key judgments and estimates. The standard permits the use of either the retrospective or cumulative effect transition method. The standard is effective for annual periods beginning on or after January 1, 2017; early application is permitted. The Company is currently assessing the impact of adopting IFRS 15 on the Company’s Consolidated Financial Statements.

4. Property, plant and equipment

Land Buildings Plant and machinery*

Furniture fixtures

and equipment Vehicles Total

Gross carrying value: As at April 1, 2013……………………….. ` 3,990 ` 22,787 ` 61,798 ` 11,680 ` 1,430 ` 101,685 Translation adjustment…………………… 21 338 1,936 181 - 2,476 Additions………………………………… - 1,037 9,851 1,269 30 12,187 Acquisition through business combination - - 106 53 1 160 Disposal / adjustments…………………… (324) (100) (1,381) (836) (495) (3,136) As at March 31, 2014…………………… ` 3,687 ̀ 24,062 ` 72,310 ` 12,347 ` 966 ` 113,372 Accumulated depreciation/impairment: As at April 1, 2013……………………….. ` - ` 3,037 ` 44,090 ` 8,574 ` 1,395 ` 57,096 Translation adjustment…………………… - 121 1,242 129 1 1,493 Depreciation………………………………. - 718 7,731 1,553 39 10,041 Disposal / adjustments……………………. - (61) (748) (721) (491) (2,021) As at March 31, 2014…………………….. ` - ` 3,815 ` 52,315 ` 9,535 ` 944 ` 66,609 Capital work-in-progress…………………. ` 4,686 Net carrying value as at March 31, 2014 ` 51,449

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Gross carrying value: As at April 1, 2014……………………….. ` 3,687 ` 24,062 ` 72,310 ` 12,347 ` 966 ` 113,372 Translation adjustment…………………… (2) 50 122 (120) (22) 28 Additions ………………………………… - 446 11,978 873 36 13,333 Additions through business combination - 89 871 120 1 1,081 Disposal / adjustments……………………. - (132) (5,687) (522) (151) (6,492) As at March 31, 2015………………… ` 3,685 ` 24,515 ` 79,594 ` 12,698 ` 830 ` 121,322 Accumulated depreciation/impairment: As at April 1, 2014……………………… ` - ` 3,815 ` 52,315 ` 9,535 ` 944 ` 66,609 Translation adjustment…………………… - 36 243 (71) 2 210 Depreciation……………………………… - 755 9,220 1,430 12 11,417 Disposal / adjustments……………………. - (93) (5,149) (258) (149) (5,649) As at March 31, 2015………………… ` - ` 4,513 ` 56,629 ` 10,636 ` 809 ` 72,587 Capital work-in-progress………………….

` 5,471

Net carrying value as at March 31, 2015 ` 54,206 * Including computer equipment and software

5. Goodwill and intangible assets

The movement in goodwill balance is given below: Year ended March 31, 2014 2015

Balance at the beginning of the period……………………………… ` 54,756 ` 63,422 Translation adjustment………………………………………………... 5,571 1,098 Acquisition through business combination, net………………………. 3,095 3,558 Balance at the end of the period…………………………………….. ` 63,422 ` 68,078 Refer note 6 for information on business combinations.

Intangible assets Customer

related Marketing

related

Total Gross carrying value: As at April 1, 2013………………………………………………….. ` 3,003 ` 818 ` 3,821 Translation adjustment……………………………………………… 63 43 106 Additions…………………………………………………………..…. - 20 20 Acquisition through business combination…………………………. 338 219 557 As at March 31, 2014……………………………………………….. ` 3,404 ` 1,100 ` 4,504 Accumulated amortization and impairment: As at April 1, 2013……………………………………………..…… ` 1,632 ` 475 ` 2,107 Translation adjustment……………………………………………… - 125 125 Amortization and impairment……………………………………… 462 76 538 Effect of demerger of diversified business…………………………. (202) - (202) As at March 31, 2014……………………………………………….. ` 1,892 ` 676 ` 2,568 Net carrying value as at March 31, 2014 ………………………… ` ` ` ` 1,512

`̀̀̀ 424

`̀̀̀ 1,936

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Gross carrying value: As at April 1, 2014………………………………………………….. ` 3,404 ` 1,100 ̀ 4,504 Translation adjustment……………………………………………… (1,015) (95) (1,110) Disposal/ adjustment ……………………………………………… - (100) (100) Acquisition through business combination…………………………. 8,228 - 8,228 As at March 31, 2015…………………………………………….. ` 10,617 ` 905 ` 11,522 Accumulated amortization and impairment: As at April 1, 2014…………………………………………………. ` 1,892 ` 676 ` 2,568 Translation adjustment…………………………………………….. - (104) (104) Disposal/ adjustment ……………………………………………… - (82) (82) Amortization and impairment ……………………………………... 1,044 165 1,209 As at March 31, 2015…………………………………………… ` 2,936 ` 655 ` 3,591 Net carrying value as at March 31, 2015…………………….. ` 7,681 ` 250 ` 7,931 Amortization expense and impairment charge on intangible assets is included in selling and marketing expenses in the condensed consolidated interim statements of income.

6. Business combinations

Opus Capital Markets Consultants LLC

On January 14, 2014, the Company had obtained control of Opus Capital Markets Consultants LLC (‘Opus’) by acquiring 100% of its share capital. Opus is a US-based provider of mortgage due diligence and risk management services. The acquisition will strengthen Wipro’s mortgage solutions and complement its existing offerings in mortgage origination, servicing and secondary market.

The acquisition was executed through a share purchase agreement for a consideration of ` 4,589 million (US$ 75 million) which includes a deferred earn-out component of ̀ 1,285 million (US$ 21 million), which is dependent on achievement of revenues and earnings over a period of 3 years. This earn-out liability was fair valued at ̀ 782 million and recorded as part of preliminary purchase price allocation. During the three months ended December 31, 2014, the Company concluded the fair value adjustments of the assets acquired and liabilities assumed on acquisition. Consequently, the fair value of earn-out liability was recorded at ̀ 589 million. Comparatives have not been retrospectively revised as the amounts are not material.

The following table presents the allocation of purchase price: Description Pre-acquisition

carrying amount Fair value

adjustments Purchase price

allocated Assets Cash and cash equivalents …………… ̀ 22 - 22 Property, plant & equipment (including software) …………………………….

160

-

160

Trade receivable …………………….. 456 - 456 Other assets …………………………. 20 - 20 Customer related intangibles ……….. - 234 234 Non-compete arrangement …………. - 216 216 Liabilities Other liabilities ………………………. (258) - (258) Deferred income taxes, net ………… - (133) (133) Total ………………………………… 400 317 717 Goodwill …………………………….. 2,810 Total purchase price ………………. ` 3,527

The goodwill of ̀ 2,810 comprises of value of expected synergies arising from the acquisition.

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As at December 31, 2014, the fair value of earn-out liability was determined to be ` 144 as a result of changes in estimates of revenue and earnings over the earn-out period. The revision of the estimates has inter alia resulted in reduction in the carrying value of intangibles recognized on acquisition. Accordingly, a net gain of ` 470 has been recorded in the statement of income.

The fair value of earn-out consideration as at the period end was estimated by applying the Discounted Cash Flow approach. The fair value estimates are based on discount rate of 7% and probability adjusted revenue and earnings estimates.

During the three months ended March 31, 2015, an amount of ` 39 has been paid to the sellers

representing earn-out payments for the calendar year 2014. ATCO I-Tek Inc.

On August 15, 2014, the Company obtained control of ATCO I-Tek Inc., a Canadian entity, by acquiring

100% of its share capital and certain assets of IT services business of ATCO I-Tek Australia (hereafter the acquisitions are collectively referred to as ‘acquisition of ATCO I-Tek’) for an all-cash consideration of ` 11,420 million (Canadian Dollars 204 million). ATCO I-Tek provides IT services to ATCO Group. The acquisition will strengthen Wipro’s IT services delivery model in North America and Australia.

During the three months ended March 31, 2015, ` 349 has been adjusted to the purchase price representing

closure of certain closing conditions. This has resulted in reduction of goodwill as at March 31, 2015. Consequently, the Company concluded the fair value adjustments of the assets acquired and liabilities assumed on acquisition.

The following table presents the allocation of purchase price:

Description Pre-acquisition

carrying amount Fair value

adjustments Purchase price

allocated Assets Cash …………………………………… 71 - ̀ 71 Property, plant & equipment (including capital work-in-progress and software)…

1,689

(278)

1,411

Trade receivables ………......................... 210 - 210 Other assets…………………………….. 296 - 296 Customer related intangibles ………….. - 8,228 8,228 Liabilities Trade payables and accrued liabilities.... (798) - (798) Deferred income taxes, net …………… (138) (2,017) (2,155) Total …………………………………… 1,330 5,933 7,263 Goodwill ………………………………. 3,808 Total purchase price ……………….… ` 11,071

The goodwill of ̀ 3,808 comprises of value of expected synergies arising from the acquisition. Goodwill is not expected to be deductible for income tax purposes.

If the acquisition had occurred on April 1, 2014, management estimates that consolidated revenue for the Company would have been ` 472,142 and the profit after taxes would have been ` 87,503 for twelve months ended March 31, 2015. The pro-forma amounts are not necessarily indicative of the results that would have occurred if the acquisition had occurred on date indicated or that may result in the future.

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7. Available for sale investments

Available for sale investments consists of the following:

As at March 31, 2014 As at March 31, 2015

Cost*

Gross gain recognized directly in

equity

Gross loss recognized directly in

equity Fair

Value Cost*

Gross gain recognized directly in

equity

Gross loss recognized directly in

equity Fair Value Investment in liquid and short-term mutual funds and others ` 61,594 ` 334 ̀ (177) ` 61,751 ` 56,437 ` 1,340 ` (2) ` 57,775 Certificate of deposits 1,482 - - ` 1,482 - - - - Total ` 63,076 ` 334 ̀ (177) ` 63,233 ̀̀̀̀ 56,437 ` ` ` ` 1,340 `̀̀̀ (2) ` ` ` ` 57,775 Current ` 60,557 ` ` ` ` 53,908 Non-current ` 2,676 ` ` ` ` 3,867

*Available for sale investments include investments amounting to Nil (March 31, 2014: ` 228) pledged as margin money deposit for entering into currency future contracts.

8. Inventories

Inventories consist of the following: As at March 31, 2014 2015

Stores and spare parts…………………………………………………… ` 930 ` 932 Raw materials and components…………………………………………. 37 3 Work in progress………………………………………………………... 16 2 Finished goods and traded goods……………………………………….. 1,310 3,912

`̀̀̀ 2,293 `̀̀̀ 4,849 9. Cash and cash equivalents

Cash and cash equivalents as of March 31, 2014 and March 31, 2015 consist of cash and balances on deposit with banks. Cash and cash equivalents consist of the following:

As at March 31, 2014 2015

Cash and bank balances………………………………………………… ` 45,666 ` 47,198 Demand deposits with banks (1)……………………………………… 68,535 111,742

` 114,201 ` 158,940

(1) These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal.

Cash and cash equivalent consists of the following for the purpose of the cash flow statement:

As at March 31, 2014 2015

Cash and cash equivalents…………………………………………… ` 114,201 ` 158,940 Bank overdrafts……………………………………………………… - (227) `̀̀̀ 114,201 ` ` ` ` 158,713

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10. Other assets As at March 31,

2014 2015 Current Interest bearing deposits (1)………………………………..………… ` 12,500 ` 38,200 Prepaid expenses ……………………………………………………… 7,354 9,476 Due from officers and employees……………………………………… 2,447 3,488 Finance lease receivables……………………………………………… 3,018 3,461 Advance to suppliers…………………………………………………... 2,446 2,430 Deferred contract costs………………………………………………… 3,852 3,610 Interest receivable……………………………………………………… 2,794 5,290 Deposits………………………………………………………………... 756 763 Balance with excise, customs and other authorities…………………… 1,267 1,786 Others (2) (3)…………………………………………………………… 3,040 4,855 ` 39,474 ` 73,359 Non-current Prepaid expenses including rentals for leasehold land………………… ` 4,523 ` 6,630 Finance lease receivables………………………………………………. 5,235 2,899 Deferred contract costs………………………………………………… 3,711 4,445 Deposits………………………………………………………………. 412 65 Others…………………………………………………………………... 414 330

` 14,295 ` 14,369 Total ` 53,769 ` 87,728

(1) Such deposits earn a fixed rate of interest and will be liquidated within 12 months (2) Others include ̀ 77 (March 31, 2014: ` 370) due from Wipro Enterprises Limited and its subsidiaries. (3) Others include ̀ 400 (March 31, 2014: Nil) representing assets held for sale.

11. Loans and borrowings

A summary of loans and borrowings is as follows: As at March 31, 2014 2015

Short-term borrowings from bank………………………………………… ` 39,433 ` 64,335 External commercial borrowing ………………………………………… 8,985 9,375 Obligations under finance leases………………………………………… 3,000 4,878 Term loans………………………………………………………………… 174 325 Total loans and borrowings ` 51,592 ` ` ` ` 78,913

12. Other liabilities and provisions

As at March 31, 2014 2015 Other liabilities Current:

Statutory and other liabilities………………………………………… ` 3,551 ` 3,530 Employee benefit obligations………………………………………... 5,027 4,802 Advance from customers…………………………………………….. 3,278 2,200 Others (1) …………………………………………………………… 2,573 1,691

` 14,429 ` 12,223 Non-current:

Employee benefit obligations……………………………………… ` 3,030 ` 3,062 Others………………………………………………………………… 1,448 596

` 4,478 ` 3,658 Total ` 18,907 `̀̀̀ 15,881 (1) Others include ̀ 340 (March 31, 2014: ̀ 1,000) due to Wipro Enterprises Limited and its subsidiaries

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As at March 31, 2014 2015

Provisions Current:

Provision for warranty…………………………………………… ` 340 ` 306 Others……………………………………………………………… 1,030 1,211 ` 1,370 ` ` ` ` 1,517

Non-current:

Provision for warranty……………………………………………... ` 6 ` 5 Total ` 1,376 `̀̀̀ 1,522

Provision for warranty represents cost associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 to 2 years. Other provisions primarily include provisions for tax related contingencies and litigations. The timing of cash outflows in respect of such provision cannot be reasonably determined.

13. Financial instruments

Derivative assets and liabilities:

The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as non-material.

The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:

As at March 31,

2014 2015 Designated derivative instruments Sell $ 516 $ 836

£ 51 £ 198 € 78 € 220 AUD 9 AUD 83 Interest rate swaps $ 150 $ 150 Net investment hedges in foreign operations

Others $ 220 $ 145 € 25 € -

Non designated derivative instruments Sell $ 1,061 $ 1,304 £ 112 £ 67 € 63 € 60

AUD 99 AUD 53 ¥ 490 ¥ 490 SGD 8 SGD 13 ZAR 223 ZAR 69 CAD 10 CAD 30

CHF - CHF 10

Buy $ 585 $ 790

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The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:

As at March 31, 2014 2015 Balance as at the beginning of the period……………………………… ` 1,669 ` 567 Deferred cancellation gain/ (loss) ……………………………………… - 101 Changes in fair value of effective portion of derivatives……………... (1,102) 3,600 Gain/ (losses) on cash flow hedging derivatives, net…………………… ` (1,102) ` 3,701 Balance as at the end of the period…………………………………….. ` 567 ` 4,268 Deferred tax thereon…………………………………………………….. ` (68) ` (718) Balance as at the end of the period, net of deferred tax……………….. ` 499 ` 3,550

As at March 31, 2014 and 2015, there were no significant gains or losses on derivative transactions or portions thereof that have become ineffective as hedges, or associated with an underlying exposure that did not occur.

14. Fair value hierarchy

Financial assets and liabilities of Wipro include cash and cash equivalents, trade receivables, unbilled revenues, finance lease receivables, employee and other advances and eligible current and non-current assets, long and short-term loans and borrowings, bank overdrafts, trade payable, eligible current liabilities and non-current liabilities. The fair value of financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments.

Investments in liquid and short-term mutual funds, which are classified as available-for-sale are measured using quoted market prices at the reporting date multiplied by the quantity held. Fair value of investments in certificate of deposits, classified as available for sale is determined using observable market inputs.

The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves, currency volatility etc. Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents fair value of hierarchy of assets and liabilities measured at fair value on a recurring basis:

Particulars

As at March 31, 2014 As at March 31, 2015 Fair value measurements at reporting

date using Fair value measurements at reporting

date using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3

Assets Derivative instruments

- Cash flow hedges ` 1,289 ` - ` 1,289 ` - ` 4,237 ` - ` 4,237 ` - - Net investment hedges 123 - 123 - 140 - 140 - - Others 2,535 - 2,425 110 1,436 - 912 524

Available for sale financial assets: - Investment in liquid and short-term mutual funds 18,555 16,826 1,729 - 10,202 10,202 - -

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Particulars

As at March 31, 2014 As at March 31, 2015 Fair value measurements at reporting

date using Fair value measurements at reporting

date using Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3

- Investment in certificate of deposits and other investments

42,002

488

41,514

-

43,706

2,046

41,660

- - Investment in equity

instruments

2,676

-

-

2,676 3,867 - - 3,867 Liabilities

Derivative instruments - Cash flow hedges 740 - 740 - 80 - 80 - - Net investment hedges 718 - 718 - 264 - 264 - - Others 1,675 - 1,675 - 480 - 480 -

The following methods and assumptions were used to estimate the fair value of the level 2 financial

instruments included in the above table.

Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counter-parties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As on March 31, 2015, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

Available for sale investments (Investment in certificate of deposits and commercial papers): Fair value of available-for-sale financial assets is derived based on the indicative quotes of price and yields prevailing in the market as on March 31, 2015.

Available for sale investments (Investment in liquid and short-term mutual funds): Fair valuation is derived based on Net Asset value published by the respective mutual fund houses. Details of assets and liabilities considered under Level 3 classification:

Available for sale investments –

Equity instruments

Derivative Assets – Others

Opening Balance as on 1 April 2013 ` - ` - Additions/(Deletions) 2,676 110 Gain/(loss) recognized in statement of income - - Gain/(loss) recognized in other comprehensive income - - Closing balance as on 31 March 2014 ` 2,676 ` 110

Available for sale

investments – Equity instruments

Derivative Assets – Others

Opening Balance as on 1 April 2014 ` 2,676 ` 110 Additions/(Deletions) 218 433 Gain/(loss) recognized in statement of income 20 (19) Gain/(loss) recognized in other comprehensive income 953 - Closing balance as on 31 March 2015 ` ` ` ` 3,867 ` 524

20

Description of significant unobservable inputs to valuation:

Item Valuation technique

Significant unobservable

inputs

Input Sensitivity of the input to fair value

Available for sale investments in unquoted equity shares

Option pricing model

Volatility of comparable companies

45% 2.5% increase (decrease) in volatility would result in (decrease) increase in fair value of AFS investments by (` 57), ̀ 63 respectively

Time to liquidation event

4.5 years 1 year increase (decrease) in time to liquidation event would result in (decrease) increase in fair value of AFS investments by (̀ 130), ̀ 152 respectively

Derivative assets Option pricing model

Volatility of comparable companies

45% 2.5% increase (decrease) in volatility would result in increase (decrease) in fair value of the derivative asset by ` 32, (̀

33) respectively

Time to liquidation event

4.5 years

1 year increase (decrease) in time to liquidation event would result in increase (decrease) in fair value of the derivative asset by ̀ 63, (̀ 85), respectively

15. Foreign currency translation reserve

The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:

As at March 31, 2014 2015

Balance at the beginning of the period………………………………………… ` 5,470 ` 10,060 Translation difference related to foreign operations, net…………………… 7,190 799 Change in effective portion of hedges of net investment in foreign operations …………………………………………………………….. (2,600) 390 Total change during the period………………………………………………… ` 4,590 ` 1,189 Balance at the end of the period……………………………………………... ` ` ` ` 10,060 `̀̀̀ 11,249

16. Income taxes Income tax expense / (credit) has been allocated as follows:

Three months ended

March 31, Year ended March 31,

2014 2015 2014 2015

Income tax expense as per the statement of income………… ` 6,536 ` 6,255 ` 22,600 ` 24,624 Income tax included in other comprehensive income on: Unrealized gain on investment securities…………… (27) 196 (4) 335

Unrealized (loss) / gain on cash flow hedging derivatives…………………………………………….. (314) 450 112 650

Defined benefit plan actuarial gains / (losses) ………... 83 20 55 (19) Total income taxes `̀̀̀ 6,278 ` ` ` ` 6,921 `̀̀̀ 22,763 ` ` ` ` 25,590

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Income tax expense consists of the following:

Three months ended

March 31 Year ended March 31

2014 2015 2014 2015 Current taxes

Domestic………………………………… ` 5,499 ` 4,597 ` 18,414 ` 19,163 Foreign…………………………………… 92 538 2,293 5,913

` 5,591 ` 5,135 ` 20,707 ` 25,076 Deferred taxes

Domestic………………………………… ` 84 ` 240 ` (389) ` (247) Foreign…………………………………... 861 880 2,282 (205)

` 945 ` 1,120 ` 1,893 ` (452) Total income tax expense ` ` ` ` 6,536 ` ` ` ` 6,255 ` ` ` ` 22,600 ` ` ` ` 24,624

Income tax expense is net of reversal of provisions/ (provision recorded) pertaining to earlier periods,

amounting to ̀ 437 and ̀ 377 for the three months ended March 31, 2014 and 2015 respectively and ` 1,692 and ̀ 891 for the year ended March 31, 2014 and 2015 respectively.

17. Revenues Three months ended


2014 2015 2014 2015

Rendering of services………………………………. ̀ 105,495 ` 111,575 ` 395,838 ` 435,507 Sale of products…………………………………….. 11,040 9,845 38,431 34,038 Total revenues `̀̀̀ 116,535

` ` ` ` 121,420 `̀̀̀434,269 ` ` ` ` 469,545

18. Expenses by nature

Three months ended March 31,

Year ended March 31,

2014 2015 2014 2015 Employee compensation…………………………….. ` 52,722 ` 56,827 ` 206,568 ` 224,838 Raw materials, finished goods, process stocks and stores and spares consumed…………………………. 9,153 8,094 30,686 27,604 Sub-contracting/technical fees/third party application 11,612 13,379 43,568 52,247 Travel and conveyance……………………………… 4,771 5,163 18,519 21,684 Depreciation and amortization………………………. 2,880 3,267 11,106 12,823 Repairs………………………..……………………... 3,087 3,249 11,181 11,644 Advertisement………………………..…………….. 382 532 1,417 1,598 Communication………………………..…………… 1,266 1,317 5,356 5,204 Rent………………………..………………………… 1,144 1,252 4,583 4,727 Power and fuel………………………..……………... 709 648 2,901 2,916 Legal and professional fees………………………….. 739 1,006 2,558 3,682 Rates, taxes and insurance…………………………... 565 647 2,221 2,240 Provision for doubtful debt………………………….. 618 280 1,294 922 Miscellaneous expenses…………………………… 1,587 1,497 6,316 5,630 Total cost of revenues, selling and marketing and general and administrative expenses……………... `̀̀̀ 91,235 `̀̀̀ 97,158 `̀̀̀ 348,274 `̀̀̀ 377,759

19. Finance expense Three months ended


2014 2015 2014 2015 Interest expense…………………………………………. ` 216 ` 243 ` 868 ` 768 Exchange fluctuation on foreign currency borrowings, net………………………..……………………….……

626 669 2,023 2,831

Total `̀̀̀ 842 `̀̀̀ 912 `̀̀̀ 2,891 `̀̀̀ 3,599

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20. Finance and other income Three months ended


2014 2015 2014 2015

Interest income………………………..…………………… ` 3,228 ` 4,702 ` 12,491 ` 15,687 Dividend income………………………..………………… 107 39 354 224 Gain on sale of investments………………………..………. 624 735 1,697 3,948 Total `̀̀̀ 3,959 `̀̀̀ 5,476 `̀̀̀ 14,542 `̀̀̀ 19,859

21. Earnings per equity share A reconciliation of profit for the period and equity shares used in the computation of basic and diluted

earnings per equity share is set out below (amounts in millions except per share data):

Basic: Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period, excluding equity shares purchased by the Company and held as treasury shares.

Three months ended March 31,

Year ended March 31,

2014 2015 2014 2015

Profit attributable to equity holders of the Company………………………..……………

` 22,265

` 22,720

` 77,967

` 86,528 Weighted average number of equity shares outstanding………………………..…………

2,455,543,231

2,456,575,761

2,454,745,434

2,454,681,650

Basic earnings per share……………………... ` 9.07 ` 9.25 ` 31.76 ` 35.25

Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity shares outstanding during the period for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company. The calculation is performed in respect of share options to determine the number of shares that could have been acquired at fair value (determined as the average market price of the Company’s shares during the period). The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

Three months ended March 31

Year ended March 31

2014 2015 2014 2015

Profit attributable to equity holders of the Company………………………..…………….

` 22,265

` 22,720

` 77,967

` 86,528 Weighted average number of equity shares outstanding………………………..…………

2,455,543,231

2,456,575,761

2,454,745,434

2,454,681,650

Effect of dilutive equivalent share options…. 7,333,136 9,300,475 7,881,305 7,897,511 Weighted average number of equity shares for diluted earnings per share……………… 2,462,876,367 2,465,876,236 2,462,626,739 2,462,579,161

Diluted earnings per share………………… ` 9.04 ` 9.21 ` 31.66 ` 35.13

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22. Employee benefits

a) Employee costs include Three months ended


2014 2015 2014 2015

Salaries and bonus………………………….... ` 51,366 ` 55,306 ` 201,815 ` 218,985 Employee benefit plans Gratuity………………………..……………. 146 162 559 646 Contribution to provident and other funds…. 1,069 1,108 3,681 4,069 Share based compensation…………………... 141 251 513 1,138 `̀̀̀ 52,722 `̀̀̀ 56,827 `̀̀̀ 206,568 `̀̀̀ 224,838

b) The employee benefit cost is recognized in the following line items in the statement of income

Three months ended


2014 2015 2014 2015

Cost of revenues………………………… ` 44,804 ` 48,123 ` 173,651 ` 189,959 Selling and marketing expenses………….. 5,041 5,359 21,412 21,851 General and administrative expenses…… 2,877 3,345 11,505 13,028 `̀̀̀ 52,722 `̀̀̀ 56,827 `̀̀̀ 206,568 `̀̀̀ 224,838

The Company has granted Nil and 2,480,000 options under RSU option plan during the three months and

year ended March 2015 respectively (Nil and 30,000 for three months and year ended March 31, 2014); Nil and 1,689,500 options under ADS during the three months and year ended March 2015 respectively (Nil for three months and year ended March 31, 2014).

23. Commitments and contingencies

Capital commitments: As at March 31, 2014 and 2015, the Company had committed to spend approximately `

778 and ̀ 1,262 respectively, under agreements to purchase property and equipment. These amounts are net of capital advances paid in respect of these purchases.

Guarantees: As at March 31, 2014 and 2015, performance and financial guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies amount to approximately ̀ 22,864 and ̀ 21,235 respectively, as part of the bank line of credit. Contingencies and lawsuits: In March 2004, the Company received a tax demand for year ended March 31, 2001 arising primarily on account of denial of deduction under section 10A of the Income Tax Act, 1961 (Act) in respect of profit earned by the Company’s undertaking in Software Technology Park at Bangalore. The same issue was repeated in the successive assessments for the years ended March 31, 2002 to March 31, 2010 and the aggregate demand is ` 46,515 (including interest of ` 13,673). The appeals filed against the said demand before the Appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2007. Further appeals have been filed by the Income tax authorities before the Hon’ble High Court. The Hon’ble High Court has heard and disposed-off the appeals up to years ended March 31, 2004. Order of the Hon’ble High Court is not yet received.

On similar issues for years prior to years ended March 2001, the Hon’ble High Court in Karnataka has upheld the claim of the Company under section 10A of the Act. For the years ended March 31, 2008 and March 31, 2009, the appeals are pending before Income Tax Appellate Tribunal (Tribunal). For year ended March 31, 2010, the Dispute Resolution Panel (DRP) allowed the claim of the Company under section 10A of the Act. The Income tax authorities have filed an appeal before the Tribunal.

For year ended March 2011, the Company received the draft assessment order in March 2015, on similar grounds as that of earlier years, with a demand of ̀ 7,852 (including interest of ` 2,547) for the year ended March 31, 2011.

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Considering the facts and nature of disallowance and the order of the appellate authority/ Hon’ble Karnataka High Court upholding the claims of the Company for earlier years, the Company believes that the final outcome of the above disputes should be in favor of the Company and there should not be any material adverse impact on the financial statements.

The Company is subject to legal proceedings and claims which have arisen in the ordinary course of its business. The resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

The Contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and

other matters amounts to ` 2,560 and ̀ 2,338 as of March 31, 2015 and 2014.

24. Segment information

The Company is organized by the following operating segments; IT Services and IT Products. IT Services: The IT Services segment primarily consists of IT Service offerings to our customers organized by industry verticals as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail, Consumer, Transport and Government (RCTG), Energy, Natural Resources and Utilities (ENU), Manufacturing (MFG), Global Media and Telecom (GMT). Starting with quarter ended September 30, 2014, it also includes Others which comprises dividend income and gains or losses (net) relating to strategic investments, which are presented within “Finance and other income” in the statement of Income. Key service offering to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process services. IT Products: The IT Products segment sells a range of Wipro personal desktop computers, Wipro servers and Wipro notebooks. The Company is also a value added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. During FY 2013-14, the Company ceased the manufacturing of ‘Wipro branded desktops, laptops and servers’. Revenue relating to the above items is reported as revenue from the sale of IT Products. The Chairman of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by IFRS 8, “Operating Segments”. The Chairman of the Company evaluates the segments based on their revenue growth and operating income.

Assets and liabilities used in the Company's business are not identified to any of the reportable segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

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Information on reportable segment for the three months ended March 31, 2014 is as follows: IT Services

IT Products

Reconciling Items

Entity total BFSI HLS RCTG ENU MFG GMT Others Total

Revenue 28,468 11,275 15,412 17,173 19,095 14,770 - 106,193 11,090 (238) 117,045

Segment Result 7,005 2,482 4,048 4,887 4,909 3,332 - 26,663 143 (387) 26,419 Unallocated (609) - - (609) Segment Result Total 26,054 143 (387) 25,810

Finance expense (842) Finance and other income 3,959

Profit before tax 28,927 Income tax expense (6,536) Profit for the period 22,391 Depreciation and amortization 2,880

Information on reportable segment for the three months ended March 31, 2015 is as follows:

IT Services IT

Products Reconciling

Items Entity total BFSI HLS RCTG ENU MFG GMT Others Total

Revenue 29,852 13,171 16,258 17,437 20,582 15,117 - 112,417 9,454 (157) 121,714

Segment Result 7,474 3,031 3,542 4,078 4,497 2,878 - 25,500 58 (279) 25,279 Unallocated (723) - - (723) Segment Result Total 24,777 58 (279) 24,556

Finance expense (912) Finance and other income 5,476


Information on reportable segment for the year ended March 31, 2014 is as follows: IT Services

IT Products

Reconciling Items


Revenue 106,035 41,130 58,893 63,923 74,423 55,105 - 399,509 38,785 (666) 437,628

Segment Result 24,153 7,637 13,012 17,418 17,348 11,569 - 91,137 310 (1,289) 90,158

Unallocated

(804) - - (804) Segment Result Total 90,333 310 (1,289) 89,354 Finance expense (2,891) Finance and other income 14,542 Profit before tax 101,005 Income tax expense (22,600) Profit for the period 78,405 Depreciation and amortization 11,106

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Information on reportable segment for the Year ended March 31, 2015 is as follows: IT Services

IT Products

Reconciling Items


Revenue 115,505 49,884 62,209 71,229 80,303 61,050 - 440,180 34,006 (1,004) 473,182

Segment Result 27,378 10,565 13,190 17,561 17,127 13,574 583 99,978 374 (2,600) 97,752

Unallocated (2,329) - - (2,329) Segment Result Total 97,649 374 (2,600) 95,423 Finance expense (3,599) Finance and other income 19,859


The Company has four geographic segments: India, Americas, Europe and Rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows:

Three months ended

March 31 Year ended March 31

2014 2015 2014 2015

India………………………..………………….. ` 12,644 ` 13,427 ` 46,235 ` 45,814 Americas……………………............................ 53,504 58,583 200,343 227,328 Europe………………………..……………….. 32,603 30,454 120,868 124,523 Rest of the world……………………………… 18,294 19,250 70,182 75,517 ` 117,045 `̀̀̀ 121,714 ` 437,628 ` ` ` ` 473,182

Management believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.

No client individually accounted for more than 10% of the revenues during the year ended March 31, 2014 and 2015. Notes: a) ‘Reconciling items’ includes elimination of inter-segment transactions, dividend income/ gains/ losses

relating to strategic investments and other corporate activities.

b) Segment result represents operating profits of the segments and dividend income and gains or losses (net) relating to strategic investments, which are presented within “Finance and other income” in the statement of Income.

c) Revenues include excise duty of ` 79 and ̀ 2 for the year ended March 31, 2014 and 2015, respectively. For the purpose of segment reporting, the segment revenues are net of excise duty. Excise duty is reported in reconciling items.

d) Revenue from sale of traded cloud based licenses is reported as part of IT Services revenues.

e) For the purpose of segment reporting, the Company has included the impact of ‘foreign exchange gains / (losses), net’ in revenues (which is reported as a part of operating profit in the statement of income).

f) For evaluating performance of the individual business segments, stock compensation expense is allocated on the basis of straight line amortization. The differential impact of accelerated amortization of stock compensation expense over stock compensation expense allocated to the individual business segments is reported in reconciling items.

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g) For evaluating the performance of the individual business segments, amortization of customer and

marketing related intangibles acquired through business combinations are reported in reconciling items.

h) The Company generally offers multi-year payment terms in certain total outsourcing contracts. These payment terms primarily relate to IT hardware, software and certain transformation services in outsourcing contracts. Corporate treasury provides internal financing to the business units offering multi-year payments terms. The finance income on deferred consideration earned under these contracts is included in the revenue of the respective segment and is eliminated under reconciling items.

25. List of subsidiaries as of March 31, 2015 are provided in the table below.

Subsidiaries Subsidiaries Subsidiaries Country of Incorporation

Wipro LLC (formerly Wipro Inc).

USA

Wipro Gallagher Solutions Inc Opus Capital Markets Consultants LLC

USA USA

Infocrossing Inc. USA Wipro Promax Analytics Solutions

LLC [Formerly Promax Analytics Solutions Americas LLC]

USA

Wipro Insurance Solution LLC USA Wipro Japan KK Japan Wipro Shanghai Limited China Wipro Trademarks Holding Limited

India

Wipro Travel Services Limited India Wipro Holdings (Mauritius) Limited

Mauritius

Wipro Holdings UK Limited U.K Wipro Information

Technology Austria GmbH(A) (Formerly Wipro Holdings Austria GmbH)

Austria

3D Networks (UK) Limited Wipro Europe Limited (A)

U.K U.K

Wipro Promax Analytics Solutions (Europe) Limited [formerly Promax Analytics Solutions (Europe) Ltd]

U.K

Wipro Cyprus Private Limited Cyprus Wipro Doha LLC# Qatar Wipro Technologies S.A DE C. V Mexico Wipro BPO Philippines LTD. Inc Philippines Wipro Holdings Hungary

Korlátolt Felelősségű Társaság Hungary

Wipro Technologies Argentina SA Argentina Wipro Information Technology

Egypt SAE Egypt

Wipro Arabia Limited* Saudi Arabia Wipro Poland Sp Z.o.o Poland Wipro IT Services Poland

Sp. z o. o Wipro Promax Analytics Solutions Pty Ltd (formerly Promax Applications Group Pty Ltd)

Poland Australia

Wipro Corporate technologies Ghana

28

Subsidiaries Subsidiaries Subsidiaries Country of Incorporation

Ghana Limited Wipro Technologies South Africa

(Proprietary) Limited South Africa

Wipro Technologies Nigeria Limited

Nigeria

Wipro Information Technology Netherlands BV

Netherland

Wipro Portugal S.A.(A) Portugal Wipro Technologies Limited,

Russia Russia

Wipro Technology Chile SPA Chile Wipro Technologies Canada

Limited(A) Canada

Wipro Information Technology Kazakhstan LLP

Kazakhstan

Wipro Technologies W.T. Sociedad Anonima Wipro Outsourcing Services (Ireland) Limited Wipro IT Services Ukraine LLC Wipro Technologies Norway AS Wipro Technologies VZ, C.A.

Costa Rica Ireland Ukraine Norway Venezuela

Wipro Technologies Peru S.A.C

Peru

Wipro Technologies SRL Romania PT WT Indonesia Indonesia Wipro Australia Pty Limited Australia Wipro Promax Holdings Pty

Ltd (formerly Promax Holdings Pty Ltd) (A)

Australia

Wipro (Thailand) Co Limited Thailand Wipro Bahrain Limited WLL Bahrain Wipro Gulf LLC

Wipro Technologies Spain S.L.

Sultanate of Oman Spain

Wipro Networks Pte Limited (formerly 3D Networks Pte Limited)

Singapore

Wipro Technologies SDN BHD Malaysia Wipro Chengdu Limited China Wipro Airport IT Services Limited*

India

*All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited

# 51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial interest in these holdings is with the Company. The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’ and ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD incorporated in South Africa.

(A) Step Subsidiary details of Wipro Information Technology Austria GmbH, Wipro Portugal S.A, Wipro Europe Limited, Wipro Promax Holdings Pty Ltd and Wipro Technologies Canada Limited are as follows:

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Subsidiaries Subsidiaries Subsidiaries Country of

Incorporation Wipro Information Technogoty Austria GmbH (Formerly Wipro Holdings Austria GmbH)

Austria

Wipro Technologies Austria GmbH Austria New Logic Technologies SARL France

Wipro Europe Limited (formerly SAIC Europe Limited)

U.K

Wipro UK Limited U.K Wipro Europe SARL France

Wipro Portugal S.A. Portugal SAS Wipro France France

Wipro Retail UK Limited U.K

Wipro do Brasil Technologia Ltda Brazil Wipro Technologies Gmbh Germany

Wipro Do Brasil Sistemetas De Informatica Ltd

Brazil

Wipro Promax Holdings Pty Ltd (formerly Promax Holdings Pty Ltd)

Australia

Wipro Promax IP Pty Ltd (formerly PAG IP Pty Ltd)

Australia

Wipro Technologies Canada Limited

Wipro Solutions Canada Limited (formerly ATCO I-Tek Inc.)

Canada

Canada

26. Bank Balances

Details of balances with banks as of March 31, 2015 are as follows:

Bank Name In Current

Account In Deposit

Account Total

Wells Fargo Bank.………………………………………. ` 36,872 ` - ` 36,872 ICICI Bank ………………………………………………. 24 19,368 19,392 Bank Of Baroda………………………………………….. - 17,640 17,640 AXIS Bank ………………………………………………. - 16,580 16,580 Canara Bank……………………………………………… - 14,890 14,890 Corporation Bank ………………………………………... - 13,600 13,600 HSBC…………………………………………………….. 3,016 4,649 7,665 Yes Bank…………………………………………………. - 4,500 4,500 Vijaya Bank……………………………………………… 3 4,300 4,303 Oriental Bank of Commerce……………………………... - 4,000 4,000 Citi Bank…………………………………………………. 2,166 1,166 3,332 IDBI……………………………………………………… 52 3,050 3,102 State Bank of Travancore………………………………… - 3,000 3,000 HDFC…………………………………………………….. 845 861 1,706 Punjab National Bank……………………………………. - 1,500 1,500 Saudi British Bank……………………………………….. 66 1,149 1,215 Bank of Montreal………………………………………… 506 - 506 Shinhan Bank…………………………………………….. 129 352 481 Standard Chartered Bank………………………………… 264 188 452 Ratnakar Bank……………………………………………. - 450 450 ING Vysya Bank…………………………………………. 15 250 265 Bank of America…………………………………………. 204 - 204 Indian Overseas Bank……………………………………. 3 177 180

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Bank Name In Current

Account In Deposit

Account Total

RABO Bank……………………………………………… 82 - 82 Merrill Lynch…………………………………………….. 74 - 74 BBVA Provincial………………………………………… - 72 72 Others including cash and cheques on hand …………….. 2,877 - 2,877 Total `̀̀̀ 47,198 `̀̀̀ 111,742 `̀̀̀ 158,940

27. Subsequent event

On April 21, 2015, the Board of Directors of the Company declared final dividend of ` 7 ($ 0.11) per equity share and ADR (350% on an equity share of par value of ̀ 2).

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